Sensex Trend Update – Bullish or Bearish?

 

SENSEX – Key Update | 3 Possible Paths Ahead

Structure:
Sensex continues to respect the medium-term bullish channel. The recent pullback into the support band around 84,300 – 83,700 has likely completed wave 4, and the index is now attempting a fresh upside rotation.

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🔵 Scenario 1 – Bullish Continuation (Most Probable)

• Price reclaimed the breakout zone near 85,291 – 85,655.

• Sustaining above this band confirms upward strength.

• Immediate target zone → 86,934 – 88,058 (Wave 3 internal zone).

• Strong extension possible into the 90,355 cluster, aligning with Wave (3) resistance.

Trigger: Clean breakout above 85,655 → momentum opens toward the blue target box.

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🟡 Scenario 2 – Deeper Wave (2) Retest (Moderate Probability)

• If Sensex re-rejects 85,291 / 85,655, it may revisit the orange demand zone.

• Key support cluster → 83,721 – 82,191.

• This zone is still bullish structurally as long as 81,100 is protected.

• A dip into this zone prepares a stronger Wave 3 rally later.

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🔴 Scenario 3 – Bearish Breakdown (Low Probability)

• Breakdown below 82,191 → opens retest of major weekly support at 81,100 → 80,482.

• Only a close below 79,734 invalidates the bullish Elliott Wave structure.

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📌 RSI Observation

• RSI has turned upward from mid-range, matching price reaction from support.

• No bearish divergence currently.

• Supports probability of a continued upward leg.

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🎯 Major Levels

Upside:
86,160 → 86,934 → 88,058 → 89,555 → 90,355 → 92,450 → 94,555

Downside:
84,677 → 83,721 → 82,191 → 81,100 → 80,482 → 79,734 (critical)

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📘 Summary

Sensex is at a decision point. Holding above 85,291–85,655 keeps bulls fully in control, targeting 86.9k → 88k → 90.3k.
Rejection here only delays the upside; deeper support test remains structurally bullish as long as 79,734 holds.

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📌 Disclaimer

This is purely for educational and chart-study purposes. Not financial advice. Do your own research before trading.

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https://in.tradingview.com/chart/SENSEX/GXiaptw3-Sensex-Key-Levels-and-Market-Outlook/